The Board of Directors of Meezan Bank, in its meeting, held in Karachi, approved the unconsolidated condensed interim financial statements and consolidated financial statements of the Bank for the quarter ended March 31, 2018. The meeting was presided by Riyadh S.A.A. Edrees, Chairman of the Board, while Faisal A.A.A. Al Nassar, Vice Chairman of the Board was also present.
The Bank's founding President and CEO Irfan Siddiqui informed the Board at the meeting that the Bank has continued its growth momentum and recorded excellent results for the quarter ended March 31, 2018. Profit after tax increased to Rs 1,915 million from Rs 1,512 million earned in corresponding period last year. The Bank recorded earnings per share (EPS) of Rs 1.80. Irfan Siddiqui updated the Board that Meezan Bank is now the 7th largest Bank in Pakistan in terms of deposits with a branch network of over 600 branches in 159 cities.
The Bank maintained a well-diversified financing portfolio with exposure in all key sectors while simultaneously ensuring that all risk parameters are met. The Bank also maintained its focus on growing its portfolio of the Small and Medium Enterprise (SME)/Commercial and Consumer segments. The Bank's net spread before provision increased by 28 percent primarily due to Bank's continuous focus on increasing its financing portfolio while maintaining an optimal cost of funds. The Bank's fee and commission income increased by 27 percent which was mainly supported by growth in trade business which grew by 39 percent from the corresponding period last year.-PR